Just started into this leasing stuff when I learned about the low interest rates on certain Hondas... specifically, the Honda Pilots.
Hey, we all want the best deal, but given that the money factor from Honda Finance is in the range of .00012-.00022 for top tier credit, and we can learn the $955 holdback for the 2006 EX Lthr sport utility from ConsumerReports.com, and we know about the $1000 dealer incentive from Edmunds.com, and the residual, etc,. etc., why cant we all come up with general figures, sans local taxation, about what GOOD lease rates CAN be??? I mean, SURE, the capitalized cost is important as well as the residual, but most of us want absolute pre-tax figures, do we not? Total up ALL of the inital costs, add the total payments for the term (e,g, 36 months) and this allows a direct comparison of offers...
Anyway, here are my figures for a recent offer, nonetheless, for Southern California:
-one dealer's figures, including TTL, aquisition, tax, etc., etc., through Honda Finance, was $14653.10 for 36 months, the other was slightly less for the same term,
Both dealers had different numbers for drive-off, fees, and the like, but he bottom line is THE BOTTOM LINE, yes?
Good morning. I noticed that the Pilot is selling below invoice on CarsDirect.com. A quick peek at the incentives section on Edmunds shows marketing support of $1000 for the Pilot.
Am I still eligible for the 0.00058 money factor if I take the $1000 marketing support into account for the selling price on the lease?
yeah, sorry about that. I was looking at both ridgelines and pilots. That quote (as far as the money down and payments go) was the same for the ridgeline rl and the pilot of the trim level I mentioned. I've since decided on the ridgeline and got my numbers down to...
gross cap cost: 26,261.16 cap reduction: 1000 (plus tax) 56% resid ($15,820) .00057 money factor (not paying security deposit, would be 47) 285.xx monthly (+tax)
I'm looking to lease (in Northern NJ) the Pilot EX-L w/ Navigation System and am in desparate need of help. It seems that there is a promotion ending next week so I need to move quick (is this a sales gimmick?). I have never done this before, but will read Edmunds quide per Car_Man's recommendation, though I am nervous I have "sucker" written on my face. How much should I be paying (12K mi/year, 36 months), assuming top credit? What are the components (MF, MSRP, Res. %, etc.) and what have other people seen for lease pmts?
How much more should I expect for a 15K mi/year lease? Also, how much is the Nav System costing me on a monthly basis?
Hello. I am trying to help my friend lease a 06 Pilot Ex-L for 3 yrs, 36,000 miles.
I went with him to the local dealer today with the below numbers and they said that it's impossible to lease a Pilot for the numbers that I presented. Pls look over my numbers:
The best selling price I've seen online was 29,530 including destination on CarsDirect.com until today. Now, this takes the $1000 marketing support into account. That is why I asked if this could be used in a lease a few posts prior to this one.
I found out today that another dealer's internet dept is offering the car at 28,581. I called them to confirm that the price is good for purchasing and leasing. Now, this price plus the $1000 marketing support is still below invoice, so I'm assuming this is eating into their holdback.
Using the 28,581 selling price plus the 595 acquisition fee as the cap cost, I arrived at a zero-down, pre-tax monthly payment of 324.83. Adding NJ's 6% tax on the depreciation plus acquisition gets me to a total payment of 342.66.
The local dealer had 2 main gripes with my numbers:
1. They are saying that the $1000 marketing support cannot be applied to leases.
2. They are also saying that the money factor is 0.00068, not 0.00058.
So, what is the bottom line on this $1000 marketing support with regard to leases with AHFC, and are there any restrictions or limitations associated with getting the 0.00058 money factor besides credit score?
Thanks for your help. My friend is hoping to get the Pilot by this weekend. Please respond as soon as you can.
One last question: Is 4/28 the last day for these residuals and money factors? Or, is it 5/1?
I just found out that in Oct. 2005, NJ changed the way it collects sales tax on leases. They charge tax on the entire payment now, instead of just the depreciation portion. This would lead my monthly figures to be higher by a dollar or two (since the interest is so low in this example).
My main questions still stand though. Your help is very much appreciated.
Hi. I thought I'd post another update since no one has responded yet.
It's looking like the $1000 marketing support is not applicable to leases, but the 0.00058 money factor does not have any restrictions or limitations. You just need to have the credit score.
The marketing support was the big issue since the bump in money factory doesn't change the monthly payment by that much. I spoke to a third Honda dealer and a car broker, and they both said that the $1000 support is not applicable.
I am seeing offers below invoice but I don't think I'll get 28,581. I'm figuring my best offer so far is 29,581 (just the 28,581 plus 1,000). That gets the monthly pmt closer to 375. Now, it's just up to my friend to decide whether he's comfortable with that figure or not.
The dealer last night came down to 387 a month. I guess that's pretty close to my new number. They looked at me like I had three heads when I said I needed to double-check my numbers before negotiating with them. I guess I just need to hear it directly from my source (Edmunds).
So, Car_man, I'd still appreciate it if you could confirm the status of the marketing support.
First, hats off to these two for providing timely responses to queries and relevant updates of all the information that have made us powerfully informed consumers!
Second, to those of you who have posted your experiences/results on this forum, thank you as well.
Contacted ALL dealers in the region northeast of Los Angeles by email; specifics of what I wanted; time frame for my lease/purchase; most of my contact was via email, weeding out the flexible from inflexible dealers; phone calls to several and provided financial information via a secure server to my first choice to learn I qualified for .00022 lease financing. All of the previous while out of town this past week on business, returning home last night.
Called my first choice (based on great phone personality) again today to set up the appointment; arrived on time to find the vehicle (in my color, full tank of gas, 10 miles on the odometer) and the very friendly Internet Sales Manager(sorry, forum rules dictate I withhold his name) from Rock Honda awaiting the test drive; took test drive - tested for wind/window noise and front-end shake at highway speeds and, being MORE than satisfied...
Was out the door a short while later - a really efficient, smooth transaction.
Does anyone know why is the money factor (.00022) is lower for the 2WD Models than the 4WD Models (.00058)?
The only reason I can think of is that the 2WD models are not selling as well as the 4WD models. The difference in money factor equates to about $16 per month on a 36 Month Lease.
Just did deal for EXL 4WD, 36 months, $0 down. 12K miles per year. Price was $29840 plus $89 mud guard plus $187 doc fee = $30,116 cap cost. 55% residual and .00058 money factor with no security deposit resulted in lease payment of $351.48 monthly plus state taxes. The car is great, but seems more "floaty" than the Pilots that I test drove. Maybe I just didn't notice on the test drives or perhaps this is unique to this car??? Anybody else notice a pretty loose feel -- particularly on highway? Any way to tighten up the feel on the steering? Thanks and good luck to all. I'm glad to be finished with this research and thanks to all posts and to car-man.
1) What speed did you do the test drives at, George? The steering on the Pilot "lightened up" starting at 65-70 for me... doing 80 was much worse. You can hold the speeds down to keep that "solid" feeling, or just become used to a lighter, more floaty feel at higher speeds.
2) Get new tires... I put on only 50 or so miles on my new Pilot the other day before I replaced the stock Goodyear Integrity tires. Why? Go to TireRack.com and read the review of these lousy pieces of rubber that Honda uses: GARBAGE!!! (especially hydroplaning.) Got a local tire dealer to give me credit for the four Integritys against purchase of Yokohama Geolander HT/S's. just travelled 1200 miles the past two days at speeds up to 85mph (avg. 74-77) and felt MUCH more secure with both straight line tracking and curves in northern Ca./southern Or.-Interstate 5. Cured the floaty feeling at speed for me
Just leased a new 2006 Honda Pilot EX 4WD Amazon Green. Mud Flaps, Hand Painted Stripe, Fabric Protector, Wheel Locks. 36 month lease, 12K miles per year $0 down, only first month payment due at signing Honda of Concord (North Carolina)
MSRP = $31,295 Selling Price = 27,778 Net Cap Cost = $28,845 Residual Value = $18,151.10 (58%) Money Factor - .00068 (4WD with no security deposit) Monthly Payment without tax = $329.01 TOTAL Monthly Payment with tax = $338.88
I sure hope this is an OK deal, what are your thoughts?
I just picked up my 2006 Pilot LX and had the same problem with the steering. At highway speeds it felt like I was driving one of those "drunk cars" that are used so you can experience what it's like to drive while intoxicated.
I already had the car back to the dealer for the service manager to check, and they said it's perfectly normal. I even test drove another Pilot to see if the problem was with my car, or with all Pilots, and the other Pilot felt the same.
Does anyone know if the problem can be fixed? I don't know if I can stand this mushy steering for the 3 years remaining on my lease.
Here is the quote that I have received from a local dealership: 2006 Honda Pilot EX 2-wd MSRP IS $30,095 Cap. Cost is $25,800 and the money factor is .0028 WAC. The residual value sits at 54% which equals $16,251.30. With your $2,000 down your payment is $365.12+usage tax based on a 36 month term @ 12,000 miles per year.
What do you guys think? Kind of high.. fees must be way high.
I negotiated with several dealers for a 36-month, 12K mile lease for a 2006 Pilot EX-L (leather only...no extras). $0.00 OOP other than the first payment, and including tax. I am a returning Honda Lease Customer. The best deal I received was $390/month, which was on Sunday, April 30th at Sherwood Honda in Delray Beach, FL. I took the deal, filled out the application paperwork, gave my credit card for a $390 deposit, and they said they would call me in a few days when the car arrived through a dealer swap. I asked if there was any other paperwork I needed to sign for the deal and they said no.
They called last night to say the car was in, and when I called this morning to schedule the pick up, they put their "Manager" on the phone who told me he could no longer honor that deal because the leases changed overnight, and tried to talk me into PURCHASING the vehicle because of extra purchase incentives. I asked for the Manager's name, and plan on calling tomorrow as he is "off" today.
Any suggestions now or for when I talk to the manager?
Ok, lets set the record straight, I am a Honda dealer.
Now, I have been thinking myself about our families situation. We have two little ones and the CRV isn't getting it done any longer space wise. So, I thought, hey lets check out the leasing promo's.
Holy crap! Honda pulled the rug out on the promos.
I went to run some figures on a EXL with 1k total down...$550 for 36 mo 15K miles! The I read the fine print, Honda is offering $2,000 dealer cash this month on Pilot. Now last month they sayid that dealer cash didn't qualify for special financing/leasing. This month it is, but the money factor is to the moon. So after r4e figuring with the 2K dealer cash and at $400 under invoice I'm at $525 per month.
Too rich for me right now, I'll wait for the promo leases that will be coming later in the year.
Holy crap, I just ran some #s with the May MFs on Ridgelines... .00280? For "Super Preferred"......... OUCH! That's EQ of 6.72%.... no thanks, I'll come back when they are supporting them again.
What are the pilot #s for super-prefered for May? EX-L (Moonroof).
This sounds like a great deal! I was there today pricing an 06 with entertainment system. The MSRP was $37k. With me writing a check fo $2500, I could get the monthly at $474 (36 mo/12k mi).
Just signed a lease for a 2006 Honda Pilot EX 2WD with cloth interior. 36 months/12,000 miles I was leasing a 2003 Honda Accord Coupe LX for $280/month. My lease payoff was $12,900, but trade-in value was $13,600. So I "traded" my lease vehicle in at the time of deal. I put $2000 down, and my monthly payments are $333/month (tax included).
Can anyone post current (mid-May) residual and money factor for 12K for 36 months for EX-2WD and EX-AWD (with cloth, no DVD, no NAV)? I am getting ready to lease within the next two weeks.
Also, I noticed that there is 2000.00 cash to dealer promotion (NJ only?) that in effect until 5/31. Can this be applied to lease's cap cost (buying price)?
Hi Car_man. I'm considering another Pilot when my lease expires in a couple months. Can you please provide the current MF and residual for a 4wd EXL-RES for 3 years and 45K miles? Thanks.
The Pilot EX (not the EX-L we originally looked at) was for my friend and he ended up leasing it at Open Road Honda in Edison, NJ. Their internet quote plus 550 destination was 26,514. You also have to add 1000 to it to get the final price of 27,514. You could not use the 1000 marketing incentive for the lease. We also rolled in the $595 acquisition fee into the selling price.
This was the best price I could find at the time and they also threw in a $200 Sunoco gas card. Unfortunately, their $298 doc fee wiped out the value of the gas card. My friend chose to use the higher money factor in exchange for no security deposit.
The final numbers ended up being $328 a month (for 36 months) with $968 due at signing. The 968 was made up of the 1st month's payment, dmv, and 298 doc fee.
I tried to get them to lower their selling price to make up for the high doc fee, but they would not budge. It was 7:45pm on Saturday, the last day of the month. They close at 8pm, so I thought I could get the deal done at the last minute, but I couldn't. The salesman said the fee was not negotiable. The sales manager said "Take it or leave it". I even went to the head sales manager and he also said he could not sell it for any less. He said that the price was 700 below invoice and that the holdback was 760. The salesguy gets 50 and that leaves the dealership with 10! I couldn't argue with this and my friend decided to just sign.
The funny thing is that I spoke to a car broker who said that he could've beat the Open Road price and not charge a doc fee. This is all after the fact but I believe him. I can give you his contact info if you want.
I saw in a previous posting that VIP Honda is offering $6000 off sticker on all Pilots. This is better than Open Road's current offer which takes a $2000 marketing incentive into account. If you are looking for a Pilot, I would get 3 quotes (from Open Road, VIP, and your local dealer) and then call my car broker and ask him if he can beat it. Make sure you find out what the doc fee is at VIP and your local dealer. Open Road is 298 and my broker does not have one. I have never bought from him, so I cannot say whether the sales experience is good or bad. He seems like a good guy though.
Thanks for all of the information. I don't totally understand everything about the $1,000 marketing incentive and the holdbacks, but the price you got for your friend is much better than where I am right now (but I have not negotiated, just asked for a price). Where I am now is a Pilot EX for a selling price of $26,534. For a 36-month/12K miles/year lease with nothing due at signing excepet the first payment, the price I was quoted is $384 a month plus tax. OH, IS THIS THE 4WD YOU ARE TALKING ABOUT? THAT IS WHAT I AM LOOKING AT.
Do you know if anything big changed since your friend leased - big changes in money factor, etc? $56 a month is a pretty big difference, when you multiply it out over 36 months (2 grand). Whom did you deal with at Open Road? I can go there easily.
Yes, the Pilot was an EX 4WD. I don't know what the May money factors and residuals are. In April for 36 months/12K miles per year, it was 0.00058 (0.00068 without a security deposit) and 58% for the EX, 55% for the EX-L.
A marketing incentive is something Honda gives to the dealer to help sell the car. The dealer can choose to give it to you if you are purchasing the car, but it cannot be combined with promotional APRs or leases. The Pilot currently has $2000 in marketing support.
Open Road's internet quote a week or two ago was 24,964. You have to add 550 for destination and also 2000 since you want to lease. This would make their selling price for a lease 27,514.
Your price seems better. Just make sure it does not contain any incentives that may not be applicable to leases.
And, don't forget that my friend's monthly payment includes the 595 acquisition fee, but not DMV and the crazy $298 doc fee. Your monthly supposedly has everything included except tax. So, it's not really an apples to apples comparison.
We can't post names of salespeople here, but it doesn't really matter since their internet quotes are not negotiable. I can email you the name if you really want it though.
Car_man hasn't been around this topic in a while. Hopefully, we'll hear from him soon and get the May numbers.
Thanks for replying with all of this helpful information. The selling price I was quoted was based on leasing, so it should not include any disallowed marketing incentives. It still sounds like your price was better, at $328 a month with the doc fee, dmv fees and 1st payment out of pocket at signing. I saw the Open Road internet quote price you mentioned, but did not realize that price would not be available to a lessee. I guess I have to go negotiate with the other dealer.
Is this deal offered by Honda on the Honda LX 4WD which expires May 31st a good deal? New to leasing, numbers look good, but what do I know..
2006 Pilot 4-Wheel Drive Standard Featured Lease $279.00 per month for 36 months. $2,973.00 total due at signing.Offer Details
FEATURED LEASE: Closed-end lease for 2006 Pilot 4WD LX Automatic Transmission (Model YF1816EW) for $279.00 per month for 36 months with a $1,799.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,973.00 total due at lease signing (includes first month's payment, security deposit, acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. Through 05/31/2006 to approved lessees by American Honda Finance Corporation. Closed-end lease for 2006 Pilot 4WD LX Automatic Transmission (Model YF1816EW). For well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $28,745.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $22,635.79. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance are extra. Total monthly payments $10,044.00. Option to purchase at lease end is $16,384.65. Lessee responsible for maintenance, excessive wear/tear and 15?/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20?/mi. over 12,000 miles/year. See dealer for complete details.
Is is better to lease a 2007 Pilot than a 2006. I have a lease that is up in august and I was told by someone that its best to wait for the 07 in September because of the residual factor.
Yes, suzanne17. Make sure that the dealer you are working with is using the price that they quoted you as the capitalized cost for any lease payment that they quote you. Also, make sure that they use Honda Finance's "buy rate" lease money factor to calculate your payment.
Hi Peter. Just in case you still haven't leased your Pilot yet, for the month of May Honda replaced its special lease money factors on the Pilot with $2,000 dealer cash. This cash should be used to negotiate a capitalized cost for your lease that is well below dealer invoice.
You're very welcome. Congratulations on your new Pilot. I'm glad that everything worked out well for you. Thank you for taking he time to share the details of your deal with everyone. Enjoy your new ride!
Hi larkin1. The main reason why the money factor for 2WD Pilots was lower than the factor for 4WD models last month is that the residual values for 2WD models are lower. Honda Finance was trying to make up for the difference in residual values between the two models by providing a lower money factor on the 2WD.
Hi granite. Honda replaced the Pilot's special lease money factors with dealer cash in May as well. If you were to lease a 2006 Pilot through Honda Finance right now, you would have to use its standard lease money factors. Its current buy rate money factor for 36 month leases by consumers who qualify for its "Super Preferred" credit tier and pay a security deposit is .00270. This is obviously a lot worse than the money factor that was available last month. On the plus side, Honda is now providing $2,000 dealer cash on this truck which can be used to lower its capitalized cost. It will still be more expensive to lease now than it was in April. If you really want to lease a Pilot, you might be better off waiting a couple of months and going with an '07 model. I'm sure that Honda will eventually reintroduce special money factors on it.
Unfortunately you are correct, dad23. Honda is no longer providing lease money factor support on the 2006 Pilot. Consumers who qualify for its "Super Preferred" credit tier can still lease one, but they have to use Honda Finance's standard money factor. If you decide to lease one, I personally might be inclined to wait for the '07 model, make sure to use the $2,000 dealer cash that Honda is currently providing on it to negotiate an attractive capitalized cost.
Here you go, Bob. If you were to lease a 2006 Honda Pilot EX 2WD without leather, navigation, or the entertainment system through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00270 and 54%, respectively. The numbers for an otherwise identical lease of an '06 Pilot EX 4WD should be .00270 and 57%. The $2,000 dealer cash that Honda is currently providing on the Pilot can be used to reduce your truck's capitalized cost.
Hello Tim. If you were to lease a 2006 Honda Pilot EX-L 4WD with the rear entertainment system though Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00270 and 52%, respectively. When negotiating your lease on this truck, don't forget to take advantage of the $2,000 dealer cash that Honda is currently providing on it.
Hi mflynn1. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
In answer to your question about Honda's current lease program on the 2006 Pilot, I personally do not think that it is all that great a deal. In my opinion, the special lease that Honda was running on this truck last month was better. The only good part about leasing this truck right now is that Honda is providing $2,000 dealer cash on the '06 Pilot. You can use this cash to negotiate a selling price for the truck that you want to lease that is well below dealer invoice.
I personally would be inclined to wait until August to lease if I was in your situation, tredi. There is a decent chance that the lease program on the '07 Pilot then will be more attractive than the current program is on the '06 model. When you add to the equation that to lease now you probably will have to pay money to get out of your current lease, waiting for an '07 model becomes an even more obvious choice.
This is a great forum. I have an offer on hand and wanted to get some reactions to see if this reasonable. To put it in simple terms - for an '06 EX-L Pilot (without any other add ons), I need to put down $2000 and the monthly payment is $410/36 months.
Given the current specials Honda is running, is this reasonable? Very good/very poor? Your reactions will help me with next steps.
i just bought my pilot 2006 ex-l and the price was $28500 (total) i didn't lease because at 36 months with $4K down the terms were $412 when for 66 months @ $419 i bought it. i just didn't seem to make sense to lease at that disparity.
Comments
Honda Pilot EX -L 4 x 4
I do not need RES or Navigation.
Thanks
Just started into this leasing stuff when I learned about the low interest rates on certain Hondas... specifically, the Honda Pilots.
Hey, we all want the best deal, but given that the money factor from Honda Finance is in the range of .00012-.00022 for top tier credit, and we can learn the $955 holdback for the 2006 EX Lthr sport utility from ConsumerReports.com, and we know about the $1000 dealer incentive from Edmunds.com, and the residual, etc,. etc., why cant we all come up with general figures, sans local taxation, about what GOOD lease rates CAN be??? I mean, SURE, the capitalized cost is important as well as the residual, but most of us want absolute pre-tax figures, do we not? Total up ALL of the inital costs, add the total payments for the term (e,g, 36 months) and this allows a direct comparison of offers...
Anyway, here are my figures for a recent offer, nonetheless, for Southern California:
-one dealer's figures, including TTL, aquisition, tax, etc., etc., through Honda Finance, was $14653.10 for 36 months, the other was slightly less for the same term,
Both dealers had different numbers for drive-off, fees, and the like, but he bottom line is THE BOTTOM LINE, yes?
I chose the latter...
Am I still eligible for the 0.00058 money factor if I take the $1000 marketing support into account for the selling price on the lease?
Thanks,
Peter
gross cap cost: 26,261.16
cap reduction: 1000 (plus tax)
56% resid ($15,820)
.00057 money factor (not paying security deposit, would be 47)
285.xx monthly (+tax)
How much more should I expect for a 15K mi/year lease? Also, how much is the Nav System costing me on a monthly basis?
Thanks much.
I went with him to the local dealer today with the below numbers and they said that it's impossible to lease a Pilot for the numbers that I presented. Pls look over my numbers:
MSRP - 33,595 incl 550 destination
Residual - 55%
MF - 0.00058
The best selling price I've seen online was 29,530 including destination on CarsDirect.com until today. Now, this takes the $1000 marketing support into account. That is why I asked if this could be used in a lease a few posts prior to this one.
I found out today that another dealer's internet dept is offering the car at 28,581. I called them to confirm that the price is good for purchasing and leasing. Now, this price plus the $1000 marketing support is still below invoice, so I'm assuming this is eating into their holdback.
Using the 28,581 selling price plus the 595 acquisition fee as the cap cost, I arrived at a zero-down, pre-tax monthly payment of 324.83. Adding NJ's 6% tax on the depreciation plus acquisition gets me to a total payment of 342.66.
The local dealer had 2 main gripes with my numbers:
1. They are saying that the $1000 marketing support cannot be applied to leases.
2. They are also saying that the money factor is 0.00068, not 0.00058.
So, what is the bottom line on this $1000 marketing support with regard to leases with AHFC, and are there any restrictions or limitations associated with getting the 0.00058 money factor besides credit score?
Thanks for your help. My friend is hoping to get the Pilot by this weekend. Please respond as soon as you can.
One last question: Is 4/28 the last day for these residuals and money factors? Or, is it 5/1?
Thanks,
Peter
I just found out that in Oct. 2005, NJ changed the way it collects sales tax on leases. They charge tax on the entire payment now, instead of just the depreciation portion. This would lead my monthly figures to be higher by a dollar or two (since the interest is so low in this example).
My main questions still stand though. Your help is very much appreciated.
Thanks,
Peter
It's looking like the $1000 marketing support is not applicable to leases, but the 0.00058 money factor does not have any restrictions or limitations. You just need to have the credit score.
The marketing support was the big issue since the bump in money factory doesn't change the monthly payment by that much. I spoke to a third Honda dealer and a car broker, and they both said that the $1000 support is not applicable.
I am seeing offers below invoice but I don't think I'll get 28,581. I'm figuring my best offer so far is 29,581 (just the 28,581 plus 1,000). That gets the monthly pmt closer to 375. Now, it's just up to my friend to decide whether he's comfortable with that figure or not.
The dealer last night came down to 387 a month. I guess that's pretty close to my new number. They looked at me like I had three heads when I said I needed to double-check my numbers before negotiating with them. I guess I just need to hear it directly from my source (Edmunds).
So, Car_man, I'd still appreciate it if you could confirm the status of the marketing support.
Thanks. And, sorry for these long posts.
Peter
Second, to those of you who have posted your experiences/results on this forum, thank you as well.
Contacted ALL dealers in the region northeast of Los Angeles by email; specifics of what I wanted; time frame for my lease/purchase; most of my contact was via email, weeding out the flexible from inflexible dealers; phone calls to several and provided financial information via a secure server to my first choice to learn I qualified for .00022 lease financing. All of the previous while out of town this past week on business, returning home last night.
Called my first choice (based on great phone personality) again today to set up the appointment; arrived on time to find the vehicle (in my color, full tank of gas, 10 miles on the odometer) and the very friendly Internet Sales Manager (sorry, forum rules dictate I withhold his name) from Rock Honda awaiting the test drive; took test drive - tested for wind/window noise and front-end shake at highway speeds and, being MORE than satisfied...
Was out the door a short while later - a really efficient, smooth transaction.
2006 Pilot 2WD EX-L
MSRP 32395
50% residual
Buy/Lease 28139.48 + 595 Acquisition = 28734.48
.00022 money factor
OOP 713.65 (first month/TTL/Ca. tire fee/document fees)
358.14+tax/month
15k/36mo
Ease of transaction rates, out of five,
2006 Pilot 2wd EX (with mudflaps/wheel locks)
$311/month + Tax = $330/month
$1999 down including 1st month payment and ALL fees.
36months/12K yr.
The only reason I can think of is that the 2WD models are not selling as well as the 4WD models. The difference in money factor equates to about $16 per month on a 36 Month Lease.
$289 + Tax = $315/month
Due at Signing : 0 Down, 1st payment $315, Security Deposit Waived, 30 day temp plate $7.50 (one time fee), title fee $2.50 (one time fee)
TOTAL due @ Lease Signing $325.
36months/12K yr.
2) Get new tires... I put on only 50 or so miles on my new Pilot the other day before I replaced the stock Goodyear Integrity tires. Why? Go to TireRack.com and read the review of these lousy pieces of rubber that Honda uses: GARBAGE!!! (especially hydroplaning.) Got a local tire dealer to give me credit for the four Integritys against purchase of Yokohama Geolander HT/S's. just travelled 1200 miles the past two days at speeds up to 85mph (avg. 74-77) and felt MUCH more secure with both straight line tracking and curves in northern Ca./southern Or.-Interstate 5. Cured the floaty feeling at speed for me
36 month lease, 12K miles per year
$0 down, only first month payment due at signing
Honda of Concord (North Carolina)
MSRP = $31,295
Selling Price = 27,778
Net Cap Cost = $28,845
Residual Value = $18,151.10 (58%)
Money Factor - .00068 (4WD with no security deposit)
Monthly Payment without tax = $329.01
TOTAL Monthly Payment with tax = $338.88
I sure hope this is an OK deal, what are your thoughts?
I already had the car back to the dealer for the service manager to check, and they said it's perfectly normal. I even test drove another Pilot to see if the problem was with my car, or with all Pilots, and the other Pilot felt the same.
Does anyone know if the problem can be fixed? I don't know if I can stand this mushy steering for the 3 years remaining on my lease.
2006 Honda Pilot EX 2-wd
MSRP IS $30,095
Cap. Cost is $25,800 and the money factor is .0028 WAC. The residual value sits at 54% which equals $16,251.30. With your $2,000 down your payment is $365.12+usage tax based on a 36 month term @ 12,000 miles per year.
What do you guys think? Kind of high.. fees must be way high.
Thanks
60 months at 5.99 would equate to $498 per month on a finance...now THAT's high.
$2100 due at signing, $309/month + tax.
Will update.
They called last night to say the car was in, and when I called this morning to schedule the pick up, they put their "Manager" on the phone who told me he could no longer honor that deal because the leases changed overnight, and tried to talk me into PURCHASING the vehicle because of extra purchase incentives. I asked for the Manager's name, and plan on calling tomorrow as he is "off" today.
Any suggestions now or for when I talk to the manager?
AKraft
Now, I have been thinking myself about our families situation. We have two little ones and the CRV isn't getting it done any longer space wise. So, I thought, hey lets check out the leasing promo's.
Holy crap! Honda pulled the rug out on the promos.
I went to run some figures on a EXL with 1k total down...$550 for 36 mo 15K miles! The I read the fine print, Honda is offering $2,000 dealer cash this month on Pilot. Now last month they sayid that dealer cash didn't qualify for special financing/leasing. This month it is, but the money factor is to the moon. So after r4e figuring with the 2K dealer cash and at $400 under invoice I'm at $525 per month.
Too rich for me right now, I'll wait for the promo leases that will be coming later in the year.
What are the pilot #s for super-prefered for May? EX-L (Moonroof).
also what are the residuals? 36m/15kpy
Thanks...
Who was your sales person or the finance person?
Thanks for your help.
I was leasing a 2003 Honda Accord Coupe LX for $280/month. My lease payoff was $12,900, but trade-in value was $13,600. So I "traded" my lease vehicle in at the time of deal.
I put $2000 down, and my monthly payments are $333/month (tax included).
I'm very happy with this.
Kevin
Also, I noticed that there is 2000.00 cash to dealer promotion (NJ only?) that in effect until 5/31. Can this be applied to lease's cap cost (buying price)?
Thanks.
Bob
I'm considering another Pilot when my lease expires in a couple months.
Can you please provide the current MF and residual for a 4wd EXL-RES for 3 years and 45K miles?
Thanks.
Tim
The Pilot EX (not the EX-L we originally looked at) was for my friend and he ended up leasing it at Open Road Honda in Edison, NJ. Their internet quote plus 550 destination was 26,514. You also have to add 1000 to it to get the final price of 27,514. You could not use the 1000 marketing incentive for the lease. We also rolled in the $595 acquisition fee into the selling price.
This was the best price I could find at the time and they also threw in a $200 Sunoco gas card. Unfortunately, their $298 doc fee wiped out the value of the gas card. My friend chose to use the higher money factor in exchange for no security deposit.
The final numbers ended up being $328 a month (for 36 months) with $968 due at signing. The 968 was made up of the 1st month's payment, dmv, and 298 doc fee.
I tried to get them to lower their selling price to make up for the high doc fee, but they would not budge. It was 7:45pm on Saturday, the last day of the month. They close at 8pm, so I thought I could get the deal done at the last minute, but I couldn't. The salesman said the fee was not negotiable. The sales manager said "Take it or leave it". I even went to the head sales manager and he also said he could not sell it for any less. He said that the price was 700 below invoice and that the holdback was 760. The salesguy gets 50 and that leaves the dealership with 10! I couldn't argue with this and my friend decided to just sign.
The funny thing is that I spoke to a car broker who said that he could've beat the Open Road price and not charge a doc fee. This is all after the fact but I believe him. I can give you his contact info if you want.
I saw in a previous posting that VIP Honda is offering $6000 off sticker on all Pilots. This is better than Open Road's current offer which takes a $2000 marketing incentive into account. If you are looking for a Pilot, I would get 3 quotes (from Open Road, VIP, and your local dealer) and then call my car broker and ask him if he can beat it. Make sure you find out what the doc fee is at VIP and your local dealer. Open Road is 298 and my broker does not have one. I have never bought from him, so I cannot say whether the sales experience is good or bad. He seems like a good guy though.
I hope this helps.
Peter
Thanks for all of the information. I don't totally understand everything about the $1,000 marketing incentive and the holdbacks, but the price you got for your friend is much better than where I am right now (but I have not negotiated, just asked for a price). Where I am now is a Pilot EX for a selling price of $26,534. For a 36-month/12K miles/year lease with nothing due at signing excepet the first payment, the price I was quoted is $384 a month plus tax. OH, IS THIS THE 4WD YOU ARE TALKING ABOUT? THAT IS WHAT I AM LOOKING AT.
Do you know if anything big changed since your friend leased - big changes in money factor, etc? $56 a month is a pretty big difference, when you multiply it out over 36 months (2 grand). Whom did you deal with at Open Road? I can go there easily.
Thanks for your help.
Yes, the Pilot was an EX 4WD. I don't know what the May money factors and residuals are. In April for 36 months/12K miles per year, it was 0.00058 (0.00068 without a security deposit) and 58% for the EX, 55% for the EX-L.
A marketing incentive is something Honda gives to the dealer to help sell the car. The dealer can choose to give it to you if you are purchasing the car, but it cannot be combined with promotional APRs or leases. The Pilot currently has $2000 in marketing support.
Open Road's internet quote a week or two ago was 24,964. You have to add 550 for destination and also 2000 since you want to lease. This would make their selling price for a lease 27,514.
Your price seems better. Just make sure it does not contain any incentives that may not be applicable to leases.
And, don't forget that my friend's monthly payment includes the 595 acquisition fee, but not DMV and the crazy $298 doc fee. Your monthly supposedly has everything included except tax. So, it's not really an apples to apples comparison.
We can't post names of salespeople here, but it doesn't really matter since their internet quotes are not negotiable. I can email you the name if you really want it though.
Car_man hasn't been around this topic in a while. Hopefully, we'll hear from him soon and get the May numbers.
Good luck.
Peter
Thanks for replying with all of this helpful information. The selling price I was quoted was based on leasing, so it should not include any disallowed marketing incentives. It still sounds like your price was better, at $328 a month with the doc fee, dmv fees and 1st payment out of pocket at signing. I saw the Open Road internet quote price you mentioned, but did not realize that price would not be available to a lessee. I guess I have to go negotiate with the other dealer.
Thanks again.
2006 Pilot 4-Wheel Drive Standard Featured Lease
$279.00 per month for 36 months. $2,973.00 total due at signing.Offer Details
FEATURED LEASE: Closed-end lease for 2006 Pilot 4WD LX Automatic Transmission (Model YF1816EW) for $279.00 per month for 36 months with a $1,799.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,973.00 total due at lease signing (includes first month's payment, security deposit, acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. Through 05/31/2006 to approved lessees by American Honda Finance Corporation. Closed-end lease for 2006 Pilot 4WD LX Automatic Transmission (Model YF1816EW). For well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $28,745.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $22,635.79. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance are extra. Total monthly payments $10,044.00. Option to purchase at lease end is $16,384.65. Lessee responsible for maintenance, excessive wear/tear and 15?/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20?/mi. over 12,000 miles/year. See dealer for complete details.
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In answer to your question about Honda's current lease program on the 2006 Pilot, I personally do not think that it is all that great a deal. In my opinion, the special lease that Honda was running on this truck last month was better. The only good part about leasing this truck right now is that Honda is providing $2,000 dealer cash on the '06 Pilot. You can use this cash to negotiate a selling price for the truck that you want to lease that is well below dealer invoice.
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Given the current specials Honda is running, is this reasonable? Very good/very poor? Your reactions will help me with next steps.
Thanks.
Thanks!